Mortgage Selector Calculator
Our Mortgage Selector Calculator uses your financial profile, personal objectives and risk appetite to help you assess the loan amount and mortgage program that are right for you. This calculator shows you which program -- fixed rate, adjustable rate or interest only loan -- best meets your mortgage goals and how your loan amount, interest rate and monthly payment vary by program. The loan program you select impacts what size mortgage you can afford with ARMs and interest only loans offering lower monthly payments and boosting the loan amount you qualify for. Each loan program involves different risk so we match you with the program that best meets your priorities as a borrower as well as your risk profile: low, moderate and high.
The Mortgage Selector Calculator also shows you your loan-to-value (LTV) ratio, mortgage payment and total monthly housing expense. Your LTV ratio is important to know because lenders use it to determine your maximum mortgage amount relative to value of your home and most loan programs apply an LTV ratio limit. Your monthly payment is calculated based on your mortgage program, loan amount and interest rate, so you can better understand how changes in these factors impact your payment. Your monthly housing expense includes your mortgage payment plus property tax and insurance so you know the true monthly cost of owning a home.
The calculator also provides information relevant to specific borrower profiles including first-time home buyers or military personnel. We encourage you to review the outputs to find related FREEandCLEAR resources on loan programs and other mortgage topics to help you select the loan this is right for you.